The board of directors of Xiwang Property Holdings Company Limited announced that Mr. YAO Yong Jun has resigned as an independent non-executive Director and ceased to be a member of the audit and nomination committees of the company due to his other personal commitments with effect from 23 March 2016. Mr. WANG Zhen has been appointed as an independent non-executive Director and a member of each of the audit and nomination committees of the company with effect from 23 March 2016. After obtaining his professional legal qualifications in the PRC in 2009, Mr. WANG has served as a professional lawyer of Shandong Lizhi Law Office from 2010 till present.